Businesses of all sizes use social media as a tool for researching customers and their interests, reaching those customers and making it easier for them to find you. Before you begin a social media campaign, create a social media plan with strategic goals and measurement criteria for success. Aligning the elements of a social strategy with business goals and objectives helps to ensure you build a social media strategy geared towards these goals. Measuring each social media objective provides a business with guidance to adjust their social media programs. Here are two ways to measure the effectiveness of social media strategies.
- Quantitative measurements relate to quantity and focus on the numbers of growth or decline over time. For example, tracking the numerical values of the potential audience size (the base) and how many of them can you reach. Is your audience growing or declining over time?
- Qualitative measurements relate to quality and provide insight into the quality of social media actions. For example, what is the follower growth and engagement rate? Did each strategy result in conversions (e-mail signups, qualified leads or sales transactions?)
When building out a social media plan, determine how you will measure the success of each strategy. Key Performance Indicators (KPIs) provide a framework for tracking and measuring results. When setting objectives and KPIs:
- Be specific about what you are measuring and why. Determine who you are communicating with, how you will communicate and what you want to achieve.
- Make it measurable. What action or outcome determines success?
- Set goals that are attainable.
- Be realistic about what you plan to achieve. Is this something you can control?
- Set the time and key dates for measurement as time-bound for tracking results.
Note: Information from KPIs is only effective when tracked over time.
Whether your goal is to increase customer satisfaction, generate more sales leads, drive web traffic or increase revenue, setting objectives and tracking results are key to accomplishing your objectives.